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Old 09-30-2017, 09:06 PM
 
Location: Edmonds, WA
8,903 posts, read 9,068,836 times
Reputation: 13901

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Mark my words: you are going to see home values blow past Illinois in apples-to-apples areas of Northwest Indiana, and those areas in NWI will continue to gain more and more affluence. The reason is this:

Quote:
“Taxes are rising so much it’s crowding out the value of homes,” Ablin said. “In many respects a person could argue that housing is cheap in Chicago, and in many respects it is cheap. But it is cheap for a reason.”
At the end of the day, people base how much they can afford for a house on how much they can pay a month on the mortgage. And people are always going to want a larger portion of that mortgage going to equity than thrown out the window to taxes.

The difference in home construction between Northwest Indiana and the Illinois is striking.

Quote:
Ramella contrasted most of the Chicago metro area with Lake County, Ind., which has experienced heavy housing growth that Ramella attributes to a flight from Illinois taxes. Housing construction in northwest Indiana increased 18 percent this year over last, and in 2016 the number was up 19 percent over 2015. Meanwhile, Cook County is down 6 percent this year over last, and home construction in many other Illinois counties is flat, he said. DuPage County experienced an upturn of 5.9 percent this year.
As long as Illinois politicians continue to take a larger and larger bite out of people's mortgages, NWI will look better and better. And with the power in Indianapolis finally being behind NWI... the conditions are in place to see dramatic growth.

I was skeptical of gentrification in Northwest Indiana. I thought it would be the last place in the metro area to see it, and not for decades. But the current fiscal shape of Illinois could really catalyze it, especially in areas like Hammond.

http://www.chicagotribune.com/busine...919-story.html
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Old 10-01-2017, 02:01 PM
 
435 posts, read 384,496 times
Reputation: 511
Quote:
Originally Posted by Bluefox View Post
Mark my words: you are going to see home values blow past Illinois in apples-to-apples areas of Northwest Indiana, and those areas in NWI will continue to gain more and more affluence. The reason is this:

At the end of the day, people base how much they can afford for a house on how much they can pay a month on the mortgage. And people are always going to want a larger portion of that mortgage going to equity than thrown out the window to taxes.

The difference in home construction between Northwest Indiana and the Illinois is striking.

As long as Illinois politicians continue to take a larger and larger bite out of people's mortgages, NWI will look better and better. And with the power in Indianapolis finally being behind NWI... the conditions are in place to see dramatic growth.

I was skeptical of gentrification in Northwest Indiana. I thought it would be the last place in the metro area to see it, and not for decades. But the current fiscal shape of Illinois could really catalyze it, especially in areas like Hammond.

Fed-up Illinois homeowners consider moving: 'It
Agree but that means that taxes in Indiana need to continue to be reasonable and public money needs to be spent responsibly. Gas tax, wheel tax, rising utility prices (NIPSCO is requesting a 20% increase in gas) all need to be carefully weighed and measured. And don't even get me started on the over-use of TIF districts in Indiana. If our competitive edge is low-cost and better governance, we need to keep our eye on it!
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Old 11-08-2019, 01:04 PM
 
Location: Edmonds, WA
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This article is two months old but I found it very interesting. NWI ranks ninth in the nation for home value appreciation. Really solid growth.

https://www.nwitimes.com/business/lo...ca1c20797.html
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Old 11-10-2019, 07:49 AM
 
809 posts, read 2,190,885 times
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Quote:
Originally Posted by Bluefox View Post
This article is two months old but I found it very interesting. NWI ranks ninth in the nation for home value appreciation. Really solid growth.

https://www.nwitimes.com/business/lo...ca1c20797.html
Not that my situation is necessarily representative of the whole area... but I sold my house in Schererville very recently and bought in St. John. The Schererville house received a full price offer during the first showing less than 24 hours after it went on the market. We had others wanting to schedule a showing but just the day after it was listed was already too late. The demand is definitely there in some areas if the property is priced reasonably.

Last edited by svillechris; 11-10-2019 at 08:34 AM..
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Old 11-25-2019, 09:25 AM
 
Location: NC
1,873 posts, read 2,199,264 times
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Same here. We sold our house in Valparaiso in late June. We deliberately priced it to sell, not give it away nor hold out for top dollar. We had 6 showings scheduled within a few hours of live listing at 4pm on a Monday, with one couple that asked to see the house at 6:30p, 2½ hours after the listing went live. Another potential buyer toured the house Tue morning, but the first couple from Mon eve made us a clean offer $5K above list at 10am on Tuesday. We accepted, and cancelled 6 showings (4 from the day before and 2 more that scheduled). The sale price was $10K above what the realtor told us we might expect, and top of their prior estimated best case. I wish all home sales went like that, and Valparaiso is by no means a hot market versus national trends. We were prepared to wait for months and accept a lower sale price.
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Old 11-25-2019, 09:20 PM
 
Location: Saint John, IN
11,584 posts, read 5,871,340 times
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We recently had our home appraised for a Refi. It appraised almost 25% over what we paid for it 3 years ago! Very happy with that!
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Old 02-27-2021, 09:30 PM
 
Location: Edmonds, WA
8,903 posts, read 9,068,836 times
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Bumping this thread. Crazy market in NWI... Highland is now difficult under $300k, Munster had a grand total of 2 homes under $600k on the market. I always knew this area was going to take off but it has really blown past my expectations.

https://www.nwitimes.com/business/lo...b155e8fb3.html
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Old 02-27-2021, 09:50 PM
 
253 posts, read 334,002 times
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Quote:
Originally Posted by Bluefox View Post
Bumping this thread. Crazy market in NWI... Highland is now difficult under $300k, Munster had a grand total of 2 homes under $600k on the market. I always knew this area was going to take off but it has really blown past my expectations.

https://www.nwitimes.com/business/lo...b155e8fb3.html
That's the nice thing about places like Hobart, Griffith, Merrillville, Calumet Township, Lake Station and Portage. Of course none of those areas are especially nice, but if you're a younger person with no kids looking for your first home, you can find an absolute steal in any of those places and all of those areas have pretty quiet sections.

Very surprised to see that about Highland.
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Old 02-27-2021, 10:13 PM
 
253 posts, read 334,002 times
Reputation: 208
Quote:
Originally Posted by Bluefox View Post
Bumping this thread. Crazy market in NWI... Highland is now difficult under $300k, Munster had a grand total of 2 homes under $600k on the market. I always knew this area was going to take off but it has really blown past my expectations.

https://www.nwitimes.com/business/lo...b155e8fb3.html
No wonder why there's so much development in Hanover Township. People coming over from Illinois and people can't afford homes further north.
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Old 03-04-2021, 11:35 AM
 
Location: Chesterton, IN
25 posts, read 11,881 times
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Paid 160K for house in town in Chesterton on 1 acre lot in 2018, spent $40K in updates and realtor estimated it would sell for at least 240K if we were to sell today. They closed the Duneland school district so you now need to live in district to attend the schools which is a contributing factor. Houses selling very fast in district (or anywhere for that matter).
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